The morning news. [volume] (Savannah, Ga.) 1887-1900, 1887-09-03

Oglethorpe Savings &
| Trust Co. stock Gee. o.. 80. 107
COTTON
The cotton crop of the past year was a rather
| remarkable one in several respects. 1t was,
| without doubt. one of the finest ever marketed
| One reason for this was that tho planters had a
splendid season for harvesting, and another was
| that factors have succeeded in impressing
planters with the necessity for better ginning
and better handling. great deal more intel
| ligence is being displayed in the culture of the
| staple and in the use of fertilizers, etc,
| but the season was such remarkably
favorable one that it was hardly possible
to help turning out a clean crop In the size Of
the crop, there was very little disappointment
| as it was predicted that it would not equal the
one of the previous year, which was quite
| large one but it was not expected to be as large
as It will hardly fall less than $50 900 bales
short of the crop of the previous year. The crop
| approXimates 6,4000O0 bales against 6,576,0O0
bales last year. Taking these figures into con-
| sideration Savannah has Jared remarkably well
as compared with other ports. With shorter
crop she received but 1O02 bales less than she re-
| ceived the year before.
New Orleans barely holds her own. Galveston
| shows a slight increase This is owing largely to
| the increased acreage in Texas Mobile loses
very heavily, and taking the Gulf ports alto
| gether, they show actual loss which was
gained by the North Atlantic ports, which in
| clude the Virginia ports, Wilmington and New
| York. OF all the ports Charleston has Jared
| the worst in receipts, her shortage on the
| seasons business being over 100, 900 bales There
is one gratifying fact in the years
business of this port that is deserving
| of notice. 1t is that more cotton was
handled by factors than for several years, while
| our trade with Europe also Increased, showing
| fully 10000 bales more exported to direct for
| eign ports. The largest amount of foreign
steam tonnage loaded at our wharves with cot
| ton than was ever known in the history of the
port. 1t was thought that the reduction in the
| rates of COMPRISING during last season would
bring more cotton, but the experiment proved
a failure so far as receipts were concerned and
for the present season the old rates have been
| resumed. Savannah, however, still enjoys the
prestige of being the second cotton port
on this continent, and it is believed that during
| the season just beginning she will far outstrp
number of her rivals. OF course, the receipts
last season continued to be regulated by the
| pooling system of the railroads, and, as stated
| in previous report, fixes the receipts of the
| South Atlantic ports at a certain figure beyond
which they cannot go. AS to prices, the sea son
was more favorable than the previous one
| Values steadily advanced from the opening of it
| to its close. The season opened with a stronger
feeling in values, beginning with low stocks.
| The mills had pretty well worked off their pro-
| ductions and the first week in September wit
messed an advance of Lice for mid
| ding. Prices were steadily marked up,
| until at the close of the month mid
ding closed at &C.. a clear advance of SC for
| the month. October opened at a full decline of
| &c, hut rallied somewhat only to again decline
| and the month closed at S1Sc. for middling
| showing q clear reduction in values of 9sc and
| a full decline of &c on the opening prices of
| the season. This was caused by a scarcity of
| freight room, which resulted in considerable
| cotton being banked up. November opened at
| S16c. for middlings and prices were somewhat
| irregular, but tonnage being more freely offered
| prices again advanced and closed fully nc
| higher than the closing of the previous month
| December opened 1-16c. off, advanced to DC.
for middling, closing at 15-1oc, showing clear
advance on the months prices of ssc. January
prices advanced steadily until mddling touched
| 9lsc., but closed a Lice. off. February opened
| at further decline of Lice, which was fully
| recovered at the close of the month middling
| being quoted at o l-l6c. For March, it becoming
| apparent that the yield would be less than was
anticipated, prices advanced heavily, closing at
| 9}4c. for middlng, a full advance of 11-16c
April opened at an advance Of Nc, closing at a
| full advance of &c. on the closing prices of
March. In May prices continually advanced,
| opening at 1o14c. for middling, and closing
| at 10a4c., showing an advance of &c
June opened at 105Sc. for middling, and sales
were made at 111sc., the highest price of the
| year, but the month closed at 1o34c., decline
of Ne In July the course of prices was down
4 4orI Of
the growing crop, the month opening at 1o34c
and closed at 91ec., being fully i14c. decline.
August opened at 9Iec for middling and
| steadily declined until il touched S34c., when
| prices began to rally. and the month closed at
15-16c., or just slice higher than the beginning
| of the year. The experience of all concerned
| in the trade was somewhat different from any
other season, especially in the fall, as generally
| when the first demand is met stocks begin
to bank up, which invariably causes prices
to ease Off Such was not the case in last sea-
| sons business Stocks were not allowed to ac-
| cumulate and there was continued free selling
at pretty fair prices Besides, factors were in
| better position to carry stocks, as at no time
| during the year was there any scarcity of money,
while the planter did not require advances as
| freely as in years past. The large increase in
the banking capital'of this port will lend add.
| Nlondi SlftuBln 10 lue COMMISSION men. Inc
| buyers for European account had quite differ
/ ent experience, for, instead of the purchasers
hanging on prices, they made firm offers
| enabling the broker to do his work
| up rapidly, which accounted for the
free selling. or course, at times cotton
was affected by the specuations in the
coffee and wheat deals, but this was the case
only temporarily Factors had a very pros
porous season and made money. They handled
more cotton than in the previous season and
| they made few, If any, losses. Very few plant
ers were carried over, as they paid up
| promptly. This Of itself is good showing
| more particularly as the Georgia crop was 10
per cent. short. There were some sections in
the interior that failed to ship as largely during
the past season as in previous seasons, but
where factors lost in this respect they made up
| from shipments from new territory
| Exporters did fairly well. They found
| less trouble in doing business and closed the
season with no fears of reclamation. This was
due 10 great extent TO the very excellent
| quality OF the cotton Exporters expressed
themselves as being well pleased with this port
| on account OF its facilities, and great many
bought here in preference to other markets
! The only trouble they encountered throughout
the season was slight block in October last for
/ l.. u. 81 L.